XTB H1 2025 presentation: Revenue soars 24% while marketing push impacts profit margins

Introduction & Market Context

X Trade Brokers (XTB), the Polish-based online trading platform, presented its first half 2025 results on August 28, 2025, revealing a company in aggressive expansion mode. The broker reported substantial growth in operating income and client metrics, though increased marketing and operational expenses weighed on profitability. XTB shares closed at 76.76 PLN on the presentation date, down 0.81% for the session.

Executive Summary

XTB delivered mixed financial results for H1 2025, with total operating income climbing 23.8% year-over-year to 1.16 billion PLN, while net profit declined 11.4% to 410.1 million PLN. The company’s strategy clearly prioritizes growth and market share expansion, with marketing expenses surging 69.1% compared to the same period last year. This investment has yielded impressive client acquisition results, with active clients increasing nearly 70% to 853,938 and net deposits growing 90.3% to 7.24 billion PLN.

As shown in the following consolidated financial data chart, operating income growth remains strong while net profit has declined:

Quarterly Performance Highlights

XTB’s operational results demonstrate continued momentum in transaction volumes and client activity. Transaction volume in CFD instruments reached 2.32 million lots in Q2 2025, up from 1.63 million lots in Q2 2024. The company’s profitability per lot increased to 229 PLN in Q2 2025, though overall profitability has been affected by higher operating expenses.

The quarterly progression of operating income and transaction volumes is illustrated in this chart:

Revenue composition has shifted significantly compared to the previous year. Index CFDs now represent 46% of revenues (up from 37% in H1 2024), while Commodity CFDs have decreased from 48% to 33% of the revenue mix. Currency CFDs increased their contribution from 10% to 16%.

The following chart details the changing revenue structure by asset class:

Detailed Financial Analysis

The company’s aggressive growth strategy is evident in its expense structure. Total operating expenses increased 48.3% year-over-year to 608.7 million PLN in H1 2025. Marketing costs, which rose 69.1% to 264.4 million PLN, now represent 44% of total operating expenses. Salaries and employee benefits also increased substantially, up 30% to 192.7 million PLN.

Despite higher expenses, XTB maintained a strong cash position with 1.64 billion PLN in own cash as of June 30, 2025, though the combined cash and bonds position decreased 16.5% from December 31, 2024. The company paid a dividend of 5.45 PLN per share for 2024 (total value:640.7 million PLN), representing 74.9% of standalone net profit.

The significant investment in marketing has yielded impressive client metrics. New clients increased 55.7% to 361,643 in H1 2025, while active clients grew 69.9% to 853,938. Net deposits surged 90.3% to 7.24 billion PLN, and turnover of CFD instruments in lots increased 41.5% to 4.23 million.

The relationship between marketing investment and client growth is clearly illustrated in this chart:

Mobile trading continues to gain prominence, with xStation Mobile accounting for 59% of CFD trading volume in Q2 2025, a significant increase from previous periods. This shift reflects broader industry trends toward mobile-first trading experiences.

Strategic Initiatives

XTB’s product roadmap reveals a company diversifying beyond its core CFD business. Having introduced shares and ETPs with zero commission in 2020, the company has since expanded into fractional rights, investment plans, and a digital wallet with a multi-currency card. The roadmap for 2025 includes cryptocurrencies and options trading, alongside specialized savings accounts for different markets.

The company’s product evolution is outlined in this timeline:

Geographic expansion represents another key pillar of XTB’s growth strategy. During H1 2025, the company obtained a securities agent license in Chile, began the licensing process in Brazil, opened a second office in Dubai, and started operations in Indonesia. These initiatives align with the company’s goal of building a truly global trading platform.

Security enhancements have also been prioritized, with the implementation of two-factor authentication (2FA), TOTP for 2FA, and 3D Secure authentication for eWallet transactions. These measures aim to protect the growing client base and assets under management.

Forward-Looking Statements

XTB’s presentation suggests continued focus on geographic expansion and product diversification. The company appears committed to its high-growth strategy despite the near-term impact on profitability. The substantial increases in client numbers and deposits provide a foundation for future revenue growth, assuming the company can effectively monetize these relationships.

The shift in trading platform usage toward mobile applications indicates XTB is successfully adapting to changing consumer preferences. With 59% of CFD trading volume now coming through mobile platforms, the company’s investments in mobile experience appear to be paying off.

While the decline in net profit might concern some investors, the significant growth in operating income and client metrics suggests XTB is prioritizing long-term market position over short-term profitability. The key question for investors will be whether these investments in marketing and expansion will generate sufficient returns to justify the current pressure on margins.

Full presentation:

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